Business
Real Estate GDP Contribution Surges To N41.3tn
The real estate sector’s valuation and contribution to Gross Domestic Product (GDP) has climbed to N41.3tn, highlighting its rising contribution to the nation’s economy, according to data from the National Bureau of Statistics (NBS).
This contribution of Nigeria’s real estate sector to the economy surged to N41.3tn in 2024, making it the country’s third-largest economic sector, behind only trade and crop production.
Latest rebased Gross Domestic Product figures released by the NBS shows a significant upward revision of the sector’s economic value.
According to the data, before the rebasing, the sector was valued at N10.5tn in 2023. With improved methodologies and updated data capturing, the figure was revised to N30.7tn for the same year, representing a N20.2tn jump.
It further climbed to N41.3tn in 2024, underscoring the rapid expansion and growing influence of real estate in Nigeria’s economic structure.
The new data positions the real estate sector ahead of telecommunications (N23tn), construction (N13.8tn), and crude petroleum & natural gas (N13.1tn) as of 2023, highlighting its rising dominance in the non-oil economy.
According to NBS, the surge in value is driven by better valuation of assets and increased formalisation of property-related services such as rentals, broking, and land valuation, as well as the effects of rapid urbanisation across the country.
This development has received commendation from stakeholders of the real estate environment.
A real estate consultant, Jimi Peter, in reacting to this devepment, noted that the recent rebasing, which pushed Nigeria’s real estate sector GDP contribution to N41.3 trn should have been captured before now.
“This rebasing should have been captured long before now. However, as is often the case with rebasing exercises, for the data to be accurate and reliable, it requires time and a thorough consideration of multiple factors.
“If you look at the real estate industry in Nigeria, it’s clear that the sector comprises numerous value chains. It generates employment at virtually every level. Before a house can even be built, land must be acquired, usually from an individual or family.
“Then, professionals such as architects are engaged to produce designs, followed by structural engineers who supervise the integrity of the building process. These engineers in turn employ builders, plumbers, electricians, and various artisans, all of whom play integral roles.
“After construction, if you are a developer intending to sell, brokers and real estate agents, also known as realtors, become involved in marketing and selling the property.
“Once the sale is made, the new owner may choose to hold the property, resell it, or rent it out, again generating income for letting agents or facility managers.
“At every stage, someone is earning. In Nigeria, there’s a strong cultural value attached to land and homeownership. Owning property is widely seen as a benchmark of financial stability and success.
“Unlike in some advanced countries, where even wealthy individuals might choose to live in rented apartments, here in Nigeria, owning a home is almost a necessity. It’s a social marker. So, as long as people can afford to build or buy, they will pursue it”, he said.
By: Corlins Walter
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A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.
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?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident
By: CHINEDU WOSU
The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.